Trump Family Firm Clears Hurdle for National Bank Charter with Conditional Approval
A cryptocurrency company tied to President Trump's family has taken a significant step towards becoming a licensed bank after federal regulators granted it preliminary approval.
The Office of the Comptroller of the Currency gave conditional approval to World Liberty Trust Co, allowing it to move forward with plans for a national trust bank.
The proposed bank would be based in Bay Harbor Islands, Florida and could issue its own cryptocurrency token called USD1, which is designed to hold a steady value of one dollar.
Zach Witkoff, president of World Liberty Trust Co, celebrated the news on social media, saying that stablecoins can become trusted parts of the financial system with rigorous oversight and accountability.
However, several Democratic senators have raised ethics concerns about the approval, citing potential conflicts of interest due to the Trump family's involvement in the company.